PNC Financial Services Group Inc. lowered its stake in Arris Group Inc. (NASDAQ:ARRS) by 4.2% during the second quarter, Holdings Channel reports. The fund owned 22,991 shares of the company’s stock after selling 1,006 shares during the period. PNC Financial Services Group Inc.’s holdings in Arris Group were worth $482,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently made changes to their positions in ARRS. BlackRock Japan Co. Ltd acquired a new stake in Arris Group during the first quarter worth about $372,000. BlackRock Institutional Trust Company N.A. increased its stake in Arris Group by 30.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 5,371,998 shares of the company’s stock worth $123,126,000 after buying an additional 1,259,696 shares during the period. BlackRock Fund Advisors increased its stake in Arris Group by 18.6% in the first quarter. BlackRock Fund Advisors now owns 6,366,229 shares of the company’s stock worth $145,914,000 after buying an additional 996,393 shares during the period. BlackRock Group LTD increased its stake in Arris Group by 37.8% in the first quarter. BlackRock Group LTD now owns 303,931 shares of the company’s stock worth $6,965,000 after buying an additional 83,417 shares during the period. Finally, BlackRock Inc. increased its stake in Arris Group by 50.3% in the first quarter. BlackRock Inc. now owns 166,056 shares of the company’s stock worth $3,805,000 after buying an additional 55,605 shares during the period. Institutional investors and hedge funds own 85.06% of the company’s stock.
Arris Group Inc. (NASDAQ:ARRS) traded down 2.42% during trading on Friday, hitting $28.61. The stock had a trading volume of 1,564,797 shares. The firm’s market cap is $5.46 billion. Arris Group Inc. has a 52 week low of $20.05 and a 52 week high of $32.93. The company’s 50-day moving average is $27.72 and its 200 day moving average is $24.36.
Arris Group (NASDAQ:ARRS) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.19. The business earned $1.73 billion during the quarter, compared to analyst estimates of $1.70 billion. Arris Group had a positive return on equity of 17.91% and a negative net margin of 1.09%. The firm’s revenue was up 37.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.53 EPS. Equities analysts expect that Arris Group Inc. will post $2.82 EPS for the current fiscal year.
A number of analysts recently issued reports on the stock. RBC Capital Markets reissued an “outperform” rating and set a $33.00 target price on shares of Arris Group in a research report on Friday. Morgan Stanley began coverage on shares of Arris Group in a research report on Tuesday. They issued an “overweight” rating and a $34.00 price objective for the company. TheStreet raised shares of Arris Group from a “hold” rating to a “buy” rating in a research report on Thursday, August 11th. Zacks Investment Research raised shares of Arris Group from a “hold” rating to a “strong-buy” rating and set a $31.00 price objective for the company in a research report on Tuesday, August 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Arris Group in a research report on Tuesday, September 13th. Eight equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Arris Group presently has a consensus rating of “Buy” and an average price target of $33.00.
In related news, insider Bruce William Mcclelland acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The shares were acquired at an average cost of $27.15 per share, with a total value of $135,750.00. Following the purchase, the insider now owns 174,288 shares of the company’s stock, valued at $4,731,919.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ronald Coppock sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $28.50, for a total value of $285,000.00. Following the completion of the transaction, the insider now directly owns 24,750 shares in the company, valued at $705,375. The disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.
About Arris Group
ARRIS International plc focuses on entertainment and communications technology. The Company operates in two segments: Customer Premises Equipment (CPE), and Network & Cloud (N&C). The CPE segment’s products include Set-Top, Gateway, digital subscriber line (DSL) and Cable Modem, and Embedded Multimedia Terminal Adapter (E-MTA) and Voice/Data Modem.
Want to see what other hedge funds are holding ARRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arris Group Inc. (NASDAQ:ARRS).
Receive News & Ratings for Arris Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arris Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.